There are several reasons to consider downsizing from a larger property to something a little smaller. Circumstances changing, children flying the nest, or retirement can be some of the reasons to trigger you to downsize. Downsizing can often be seen as negative so let’s look at rightsizing instead. Rightsizing can be a real opportunity for those looking to save money and enjoy the equity made available from selling a property.
Moving into a smaller property may feel like a step down, but a closer look reveals that it may have more advantages in the long run. From the chance to save on bills and the opportunity to make household tasks more manageable, to the new decor and excitement of living in a new area, it can be a fantastic option.
What are the advantages?
If you’ve been in your current home for a while and are still paying off your mortgage, it’s likely that your property may have increased in value. Downsizing to a smaller home could reduce monthly mortgage payments, your outgoings and could leave you with money left over to spend doing the things you love.
Decorating, maintaining repairs and cleaning a home that has more space than you need can take up considerable time. By having less responsibility and smaller workloads it can make you happier with your home and no longer overwhelmed by the demands of a bigger property. Additionally, downsizing for older homeowners can be sensible as it can alleviate the pressure that comes with maintaining a larger property.
Lower cost bills:
You may be surprised to see how much you will save on your heating and water bills when downsizing. Typically, there are no wasted spaces which means you get the added benefit of reducing your carbon footprint, whilst enjoying a low energy bill.
Opening a new chapter:
For many homeowners who downsize, it can open a new chapter to do the things you’ve always wanted to do. With less responsibilities and potentially more money to spend, you could spend more time getting to grips with a new hobby and socialising with friends and family.
What to consider before downsizing
If you’ve decided to downsize then you will need to do some research for your next property. It’s important to know where you’d like to move to or if you want to stay in the same area. If you are thinking of moving to a different location, bear in mind that the cost of transport links and other amenities in these areas that may affect your savings.
Likewise, knowing the type of property you are looking for will help narrow down your choices. Take into consideration long-term plans as this may help you decide whether to look at houses, flats or bungalows.
Get expert advice
Whatever your reason for rightsizing, we are here to help. At Mishon Mackay we provide advice and expert guidance about the financial implications rightsizing can have and we can help you find your perfect new home.
Here are some of our current properties that we think are perfect for those looking to rightsize.